Weak Boardrooms
And Weak Stocks
Go Hand in Hand

Stock-market investors, not being the best-behaved group around, often have turned a blind eye to dodgy corporate behavior. Now there is evidence showing just how costly that lax attitude has been.

Many of the worst-performing stocks during the past several years -- including Enron Corp., HealthSouth Corp. and Gemstar-TV Guide International Group Ltd. -- have subpar corporate governance in common. And collectively, those stocks have...